We use cookies to give you the best possible experience on our website. By continuing to use this site you consent to the use of cookies on your device as described in our cookie policy unless you have disabled them.

Canada Law

Ask a Canada Law Question, Get an Answer ASAP!

Connect one-on-one with {0} who will answer your question

By continuing to use this site you consent to the use of cookies on your device as described in our cookie policy unless you have disabled them.

My mother is owns all the shares in a privately held farm…

Customer Question

My mother is owns all...

My mother is owns all the shares in a privately held farm company in Saskatchewan. The share structure is set up as1-class A voting 100 issues2-class B non voting non issues3-class C voting non issues4-class D non voting 733,158 issued5-class E voting non issuedShe leaves her entire company to me in her will.What want her to do is to issued 10 Class C shares and then will those to my daughter so in the event my daughter decides to farm with me I can pay her dividends from a separate class of shares.My question- How do I go about getting these new shares issued?

Has your mother passed? Has the will been probated? In order to have new shares issued in the company you will need to meet and obtain legal advice from a lawyer in your area.

It is very important that that the corporate minute book is updated properly to document the transaction from your mother to you. After this transaction is documented you can have the lawyer draft the resolutions to document the issuing of new Class C shares to your daughter and then finally he can issue the new shares.

I hope that this answers your question.

thank you

Ask Your Own Canada Law Question

Customer reply replied 1 year ago

Mother is still alive but she can only transfer shares without payment is by a will. So basically all she does is have to record this in her minutes and notify the corporations branch in Regina? Had too much bad advice from lawyers so try to avoid them as much as possible.

No that is not correct. You need a lawyer to properly document the transaction in the minute book and ensure that it is done properly. A lawyer needs to review if there are restrictions on the transfers and if there is a shareholders agreement.

Based on your facts, something does not add up. If your mother is still alive, she can transfer the shares unless an agreement says otherwise. You really need to have a consultation with a lawyer in order to ensure this is done properly.

I hold 15% non voting shares of Company A. Majority shareholder and director sold (asset sale) a division of the company = 75% of company sold. Company A has received payment for the asset sale. I hav… read more

Hi, I have a Limited company . I have not updated my "Minuet" book for a long time. can I just up date it for 2016 and call it "good" I have been keeping my Alberta Return up to date. Jerome… read more

Hi, My husband and I were together for 16 years, and we are currently separated and in the divorce proceedings. During our marriage we put my husband through school, more school, and then worked tirel… read more

My husband is asking me to sign a form as he incorporates his small construction business with his partner. It is a form that says that I " hereby subscribe for 1 Class B share in the capital of the C… read more

I have a question about Corporation Law / Partnerships... My husband started a business January of 2014, and Incorporated. He is the sole person listed on the Articles of Incorporation and the sole sh… read more

We are a private company based in British Columbia. Shareholders have requested a shareholder meeting to remove the board of directors. What timelines does the Board of directors have to abide by? Whe… read more

Articles of Incorporation are needed for small private company; they must be any simple "default" articles of incorporation with following special conditions: 1. I want that no one director can perfor… read more

Our family has mineral rights on property in saskatchewan. In 1978 we incorporated. Mom owns 120 class A voting shares and five daughters each own 24 class B non voting shares. Our mother is 86 years … read more

I have a privately held Canadian company, of which I own class A 51% of Common voting shares. My wife holds 25 % of the same and kids own 24% of class B which are non-voting shares. I would like to re… read more

How would I find an estate lawyer to write Letters of Administration in Sask. for my grandma who died w/o a Will in 1960? Grandma held mineral rights to 80 acres on a farm in Saskatchewanwe want to ge… read more

If two people have been in a common law relationship for about 10 years, and although starting the relationship in Ontario have now moved to Sask., they are now interested in terminating the relations… read more

I understand that a canadian ship owning and operating company does not pay cooperation tax provided the vessels do not trade within Canada. Does this apply to vessels trading between Canada and the U… read more

I am about to sign a contract with a employer and they offered me shares in the company i dont know if this is a good deal. I dont know if this is fair or not what should i have added or taken away HE… read more

I live in Saskatchewan and have been in a common law marriage for 4 years. We have a home that has my spouse and his mother's name on the mortgage and deed, however I have contributed to the home and … read more

I am sueing Gusher and certain individuals (for culusion) in my own name for the breach of contract (which by the way was ratified by the Alberta Court, the contract that is). Another corporation that… read more

Your answers for me (apparently) were greatly outdated as you will read. Please comment once you have read my lawyers responds, even though he is NOT a securities lawyer.Bill, Unfortunately, your resp… read more

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.

JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.